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The calculation for Vehicle loan interest deduction is wrong. Has anyone solved?

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DawnCAnswer

Employee Tax Expert

Why do you think it is wrong? The deduction is subject to a Modified Adjusted Gross Income (MAGI) phaseout. It begins phasing out for taxpayers with MAGI over $100,000 (single filers) or $200,000 (married couples filing jointly) and is completely phased out at $150,000 and $250,000 respectively. You can look at Schedule 1-A Part IV to see if your deduction was limited. What is the vehicle loan interest deduction?

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Employee Tax Expert

Answer

Employee Tax Expert

Why do you think it is wrong? The deduction is subject to a Modified Adjusted Gross Income (MAGI) phaseout. It begins phasing out for taxpayers with MAGI over $100,000 (single filers) or $200,000 (married couples filing jointly) and is completely phased out at $150,000 and $250,000 respectively. You can look at Schedule 1-A Part IV to see if your deduction was limited. What is the vehicle loan interest deduction?

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

serenity-cw3Author

Level 2

Thank you Dawn I was missing the $200 per $1,000 detail which I found after I searched deeper elsewhere.